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Salomon Upgrades Riverstone Network

Salomon Smith Barney upgraded Riverstone Network (RSTN) to buy from outperform.

Analyst Alexander Henderson says the JDS pre-release punctuates long-haul problems. The company's relative valuation looks attractive as Riverstone sells at a steep price to revenue discount, well below Extreme Networks and ONI System's price-to-earnings valuations. He expects the company to beat numbers despite a tough environment. Riverstone is entering a strong new product cycle with recent product launches at the SUPERCOMM industry conference. Sonus Networks and Telllabs are delivering ahead of plan. Sonus also is helping the company penetrate key ILEC accounts. Henderson has a $25 target.

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